Attraction and retention of talent go hand in hand to make a business competitive. One without the other is a losing battle.
A recent survey of business leaders indicates that 50% plan to expand the size of their staff this year. Unfortunately, this creation of millions of job openings has created a new problem; 50% of employers say they can’t find the right people to fill positions.
When there is a talent shortage like this, competing to win is critical. Attraction of the best talent requires companies to offer something more attractive and enticing than what their competitors offer. In order to do this, business leaders must understand what is driving the market in their industry. Is it pay? Opportunity for advancement? On-the-job training? Benefits? Flexibility? Listening to what your applicants and employees are telling you is critical to keeping a finger on the pulse of what matters.
Once you attract strong talent, retention is critical. 63% of companies say that employee retention is their top concern. When you consider that turnover cost is 150 to 200% of the annual salary of a position, you must have an effective retention strategy to reach your maximum potential as as business.
Currently employed individuals are job searching in record numbers. Are your employees out searching or are they part of your attraction strategy? Surveys indicate that workers want flexibility and to feel both connected and valuable. What does this mean for you? See Culture and Engagement.
Are you ready to compete for the best and brightest? At SinglePoint Outsourcing, through our Human Resources Outsourcing solution, we can help you develop the right recruitment and retention strategy for your business. Competing for the top talent and having a strong retention strategy is critical to the survival of any business. Give us a call today at (559) 625-4800.